Each partner's initial investment in a partnership should be recorded at the book value of the asset at the date of their transfer to the partnership.

Name: Each partner's initial investment in a partnership should be recorded at the book value of the asset at the date of their transfer to the partnership.
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Question

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Each partner's initial investment in a partnership should be recorded at the fair market value of the asset at the date of their transfer to the partnership, not the book value.

Each Partner's Initial Investment in a Partnership Should Be Recorded